New govt initiative aims to boost SEZs

• SEZ reforms aim to simplify processes, attract investments.
• Land Lease Policy, SEZ Act amendments approved for reforms.
• 35 SEZ survey completed to aid data-driven decisions.
  

ISLAMABAD: The government has introduced an 18-point action plan to enhance operations and attract investment in Special Economic Zones (SEZs), as revealed during a meeting of the Board of Investment’s (BoI) Approval Committee in the federal capital on Tuesday, The News reported.

The comprehensive plan aims to resolve longstanding issues in SEZs and upgrade infrastructure to meet international standards. 

The meeting, chaired by Federal Minister for Investment and Privatisation Abdul Aleem Khan, included provincial representatives, including those from Gilgit-Baltistan.

Key decisions included the approval of a new Land Lease Policy and amendments to the SEZ Act, reducing the notice period for meetings from 21 days to seven. These measures are expected to accelerate decision-making processes and spur economic growth.

A comprehensive survey of the 35 SEZs has been finalised, enabling data-driven decisions for their management and development.

The investment and privatization minister emphasised that the survey report, now digitised, is a shared resource that provincial governments and relevant departments must utilise to resolve challenges efficiently.

The BoI secretary and provinces’ representatives provided updates and shared insights on the current status of the zones. Key aspects of the plan include fostering inter-provincial collaboration, streamlining bureaucratic processes, and enhancing infrastructure development to unlock the full potential of SEZs.

Aleem Khan, said that the completion of the survey of 35 industrial Zones across the country, identification and resolution of their problems is a great progress and an important achievement that would have a positive impact on the country’s economy.

He added that the up-gradation of SEZs has been done in the shortest possible time and important steps have been taken to ensure better quality in this regard.

“This digital data is a mutual asset that all stakeholders must leverage. Regular and timely meetings of the Approval Committee are crucial for addressing issues swiftly. The next session has already been scheduled for February,” he added.

The minister highlighted the government’s focus on simplifying processes to attract investments. “We are removing unnecessary complications to create an investor-friendly environment. Encouraging diverse industries in these zones will help boost foreign exchange inflows and drive rapid economic development,” he said.

With these initiatives, the government aims to make SEZs the backbone of Pakistan’s industrial growth and economic stability.

Investment-friendly policies and digital innovation are expected to play a pivotal role in transforming SEZs into hubs of economic activity.